Home Business News Ted Baker shares slide 35 per cent

Ted Baker shares slide 35 per cent

by LLB Reporter
3rd Oct 19 10:18 am

Ted Baker has slumped to a loss and shares have plummeted by 35% as result of heavy discounting and consumer uncertainty.

In the six months to 11 August looses were £23m compared to £24.5m the previous year. Sales in the first half fell 0.7% to £303.8m, bosses warned the fashion retailer will continue to struggle for the second half of the year.

Chairman David Bernstein said, “Trading conditions have been characterised by unprecedented and sustained levels of promotional activity across the sector with, in several cases, distressed discounting from brands and retailers and heightened competition.

“The group’s performance has been impacted by very difficult trading conditions throughout the period, amplified by heightened levels of consumer uncertainty across many of Ted Baker’s global markets.

“The financial results we delivered in the first half were behind our expectations. Trading in the second half has started slowly, not helped by the unseasonably warm weather in September, and this will have an impact on the full-year outcome. If these trends continue, we will achieve a second-half result below that of last year.”

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